2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 33A - Standards For Advertisement, Solicitation, And Sale Of Life And Health Insurance
§ 58-33A-17 Suitability information required before purchase or exchange of annuity.
58-33A-17. Suitability information required before purchase or exchange of annuity. Prior to the execution of a purchase or exchange of an annuity resulting from a recommendation, an insurance producer, or an insurer if no producer is involved, shall make reasonable efforts to obtain the consumer's suitability information. Suitability information includes:
(1) Age;
(2) Annual income;
(3) Financial situation and needs, including the financial resources used for the funding of the annuity;
(4) Financial experience;
(5) Financial objectives;
(6) Intended use of the annuity;
(7) Financial time horizon;
(8) Existing assets, including investment and life insurance holdings;
(9) Liquidity needs;
(10) Liquid net worth;
(11) Risk tolerance; and
(12) Tax status.
Source: SL 2008, ch 273, § 5; SL 2012, ch 250, § 2.
